Florida-based TradeKing Group announced today that it has entered into an agreement with California-based MB Trading to acquire all of the firm’s assets. The financial terms of the agreement were not disclosed.
Commenting on the agreement, Steve Demarest, President of MB Trading said, “We chose to enter into this agreement with TradeKing because our two firms share a very similar philosophy; that is to give our clients the very best tools, technology and pricing to put them in a position to win. We know everyone at TradeKing is as committed as we are to treating our clients right and doing whatever it takes to help them succeed.”
Best-known as low cost online stock options brokers, the two American firms offer multi-asset trading services including stocks, ETFs, options, bonds and futures, as well as forex. The combined, post-acquisition firm will operate under the TradeKing brand and key players from MB Trading will be joining the TradeKing team.
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“TradeKing and MB Trading clients will have access to the best products, technology and services our two firms have to offer,” said Don Montanaro, co-founder and CEO of TradeKing. “TradeKing and MB Trading were both founded on the core principle of driving more value for the investor’s dollar.
This acquisition furthers that goal by offering clients of both firms more choice and more capabilities for the same great per trade price. We intend to remain a consolidator in this space to ensure great products and technologies can continue to flourish under the TradeKing umbrella.”
In July 2013, TradeKing acquired GAIN Capital’s stock trading subsidiary, GAIN Capital Securities. Prior to that deal, the two firms had a previous relationship, with TradeKing’s forex division being an introducing broker to GAIN Capital’s FOREX.Com brand.